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Documents citing Shri Lal Chand Sharma, Jaipur vs Income Tax Officer, Ward-7(2), Jaipur on 28 March, 2019

Nanag Ram Meena,Jaipur vs Ito Ward 6(4), Jaipur on 23 June, 2025

the investment for claiming exemption under Section 54F must be evaluated with reference to the net consideration as defined under Section 50C, when the deemed consideration exceeds the declared sale consideration. The reliance placed by the assessee on Nand Lal Sharma v. ITO (ITAT Jaipur) is distinguishable on facts and does not overrule the principle that actual receipt cannot override the statutory fiction under Section 50C when computing capital gains and proportionate exemption under Section 54F.
Income Tax Appellate Tribunal - Jaipur Cites 26 - Cited by 0 - Full Document

Roop Narayan Sharma, Jaipur vs Ito, Jaipur on 9 April, 2019

4. We have considered the rival contentions and carefully gone through the orders of the authorities below and found from the record that during the year, the assessee had sold agricultural land of Rs. 70.00 lacs which was valued by the Registering Authority at Rs. 1,00,50,000/- and it had invested Rs. 35,26,740/- for purchase of residential house. The assessee claimed exemption U/s 54F of the Act in respect of actual amount of sale consideration received by him and not on the amount adopted for stamp duty purposes. However, the A.O. allowed a sum of Rs. 30,98,385/- as deduction U/s 54 by taking the amount invested at Rs. 33,26,700/-. The ld. CIT(A) has correctly held that the assessee is entitled for deduction U/s 54F in respect of full value of consideration received and not the value taken by the Sub-Registrar for the purposes of stamp duty. The issue is squarely covered by the decision of the Hon'ble Delhi High court in the case of CIT Vs. Nilofar Singh, which has been followed by the ITAT Jaipur Bench in the case of Nand Lal Sharma Vs. ITO (2015) 61 taxmann.com 271 (JP Trib) 61 taxmann.com 271 and also in the case of Gyan Chand Batra 133 TTJ 482, respectfully following the same, we do not find any infirmity in the order of the ld. CIT(A) in directing the A.O. to allow the assessee's claim of deduction U/s 54F of the Act in respect of full value of consideration actually received by him.
Income Tax Appellate Tribunal - Jaipur Cites 15 - Cited by 0 - Full Document
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